Justin Sun and TRON DAO Ready to Spend Billions to Save Crypto Industry

On Friday (July 8), Chinese entrepreneur Justin Sun, who founded TRON Foundation (which announced on January 5 that it had restructured as TRON DAO), said that he and TRON were ready to spend up to $5 billion to help out select beleaguered crypto businesses.

Sun, who retired as a CEO of TRON in December 2021 to become the Permanent Representative of Grenada to the WTO, is also the CEO of Rainberry, Inc. (which was formerly known as BitTorrent, Inc.).

On Friday, Sun confirmed in a tweet that he is ready to help companies in the crypto space:

According to a report published by The Block on July 8, Sun told them that “lots of” companies had asked him and/or TRON for help, and when pressed for an actual number, he said that that they are in a similar situation to Binance; as you may remember on June 24, Binance Co-Founder and CEO CZ told Yahoo Finance during an interview that his firm has been pitched by “50 to 100” companies in financial trouble.

https://youtube.com/watch?v=IZkK5nDkwYM%3Ffeature%3Doembed

Sun said to The Block:

“We are actively reviewing it and see what we can do here. We are ready to spend [$]5 b[illion] on helping the industry builder[s] to continue [to] build.“

Sun also mentioned that TRON is asking an investment bank to help them with any deals that TRON is considering.

Sun added that the $5 billion figure represents a combination of his personal money and that of TRON DAO. As for the kind of crypto companies they are interested in, he said:

“Our interest is platforms with a large user base. Both CeFi [centralized finance] and DeFi [decentralized finance] platforms.“

With regard to the crypto market, Sun said:

“I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don’t think [the] market will be super bullish, of course.“

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